Slides
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A clear plan to grow value RYMAN HEALTHCARE Investor Day 2026 3 February 2026 For personal use only
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Welcome Naomi James, Chief Executive Officer Roger, Patrick Hogan Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 William Sanders Village William Sanders Village tour Click here to view video For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 1. Introduce Ryman's refreshed strategy and financial drivers underpinning it 2. Demonstrate how Ryman will grow recurring earnings from its existing business 3. Outline our approach to pursuing focused portfolio growth opportunities 4. Introduce new capital management framework and dividend policy Focus of today’s presentation The purpose of today is to outline our plan to grow value 4 All figures in this presentation are in New Zealand dollars (NZD) and are at 30 September 2025 or for the six months ended 30 September 2025, unless otherwise stated. AUD balances at 30 September 2025 are converted at an NZD/AUD rate of 0.8771. For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Management team New team with the right capabilities and skillset to deliver on refreshed strategy Naomi James CHIEF EXECUTIVE OFFICER Joined: November 2024 Rick Davies CHIEF CUSTOMER OFFICER Joined: July 2019 Di Walsh CHIEF PEOPLE AND SAFETY OFFICER Joined: January 2023 Marsha Cadman CHIEF OPERATING OFFICER Rejoined: January 2024 Marie Bonnemaison CHIEF TRANSFORMATION AND CORPORATE DEVELOPMENT OFFICER Joined: January 2025 Matt Prior CHIEF FINANCIAL OFFICER Joined: July 2025 Richard Stephenson CHIEF DEVELOPMENT AND PROPERTY OFFICER Joined: February 2026 5 Dr Rachna Gandhi CHIEF ENTERPRISE STRATEGY, SYSTEMS AND GOVERNANCE OFFICER J oined: February 2026 For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Agenda 2.00pm Welcome and introduction to Ryman Naomi James, Chief Executive Officer Refreshed strategy Naomi James, Chief Executive Officer The future of aged care and retirement living Cam Ansell, Ansell Strategic Q&A 2.50pm Improving sales effectiveness Rick Davies, Chief Customer Officer Operational excellence Marsha Cadman, Chief Operating Officer Q&A 3.30pm Break 3.45pm Disciplined portfolio growth Naomi James, Chief Executive Officer Refreshed capital management Matt Prior, Chief Financial Officer Q&A 4.40pm Wrap up Naomi James, Chief Executive Officer 4.50pm Board perspective Dean Hamilton, Chair For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 1. Strategy refresh focuses on growing recurring earnings, portfolio optimisation and value-creating portfolio growth 2. Ryman is uniquely positioned for significant growth in demand with flexible capacity to provide care and assisted living 3. Targeting $150 million in sustainable cash flow improvement by FY291 through growing occupancy, reset pricing, and cost efficiencies 4. Strong cash generation expected from targeted $500 million cash release by FY291, with significant opportunity sitting within $800 million of new and paid-out resale stock, and at least $200 million from land sales 5. Significant optionality within portfolio growth, including over 2,500 units/beds in uncommitted developments and market demand and care capacity to support higher-return brownfield expansion 6. Clear capital management framework and reset balance sheet to underpin return to dividends in FY28 and growth in shareholder returns Key takeaways from today A clear plan to deliver value for shareholders and residents 71: Compared to FY25. RYMAN HEALTHCARE | Investor Day 2026 For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Introduction to Ryman Naomi James, Chief Executive Officer Patrick Hogan Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 A leader in integrated retirement living and aged care High-quality, scalable portfolio with a trusted brand and unique care offering Retirement villages 49 NZ: 40 | AU: 9 (includes 4 villages under construction) Retirement village units 9,956 NZ: 8,383 | AU: 1,573 Residents 15,312 NZ: 12,939 | AU: 2,373 Sites under active construction 4 NZ: 3 | AU: 1 (all open and under construction) Aged care beds 4,781 NZ: 4,022 | AU: 759 Team members 7,756 NZ: 6,126 | AU: 1,630 Average age of entry – independent 80.4 years Average age of entry – serviced apartments 85.7 years 9All figures at 30 September 2025. Introduction to Ryman For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Leading the sector in customer ratings Consistently ranked #1 by residents and families Neil and Jessica, Keith Park Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Independent living Serviced apartments Aged care Access to wellbeing programmes including Ryman Triple A and Engage, social activities and entertainment 24/7 security with a comprehensive resident assistance call system Morning or afternoon tea, and weekly happy hour Hotel services (laundry, linen, housekeeping) Daily chef-prepared meals Additional care support if required e.g. administering medication, showering and dressing, wound care Electricity and heating cost included Comprehensive clinical care including hospital and dementia/memory care Optional service at additional cost Continuum of care for our customers Ryman’s model meets customer needs as they change, with choice, control and community and a home for life 11Included in base package Introduction to Ryman For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Continuum of care in our property portfolio Each village offers a range of independent living, assisted living and aged care options in a single location 1: Proportion of portfolio by count of retirement village units and aged care beds at 31 March 2025. 2: At 30 September 2025. 3: At 31 March 2025. Independent living Serviced apartments Aged care % of portfolio1 50% 20% 30% Features One, two and three-bedrooms all with full kitchens and bathrooms Attached garage or optional car park Includes kitchenette, fridge-freezer and microwave Easy access to the village centre Almost all rooms include a full ensuite Rest home, hospital and dementia levels of care at most villages Product mix 57% apartments, 43% villas 90% one bedroom, 10% studio NZ: 10% RADs, 74% room premium, 16% no premium AU: 60% RADs, 17% DAPs, 23% other Typical size 70–130 sqm 30–60 sqm 20–30 sqm Average tenure 9 years 4.5 years 1–2 years Asset value $8,005 million2 $2,304 million2 $906 million3 12 Introduction to Ryman For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Revenue model Village fees (for village operating costs) Care fees (vary based on level of care) Deferred management fees (for property management and capex) Accommodation premiums (vary reflecting room features and enhancements) Capital gains and use of resident capital1 (all capital gains retained by Ryman) Continuum of care and the revenue model Residents pay for accommodation and services through a combination of fees and use of capital; capital gains on property values retained by Ryman Introduction to Ryman 131: Resident capital includes occupation right agreements (ORAs), refundable accommodation deposits (RADs) and resident funds (RFs). Independent living Serviced apartments Aged care For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 14 Flexibility to deliver service across the continuum Ryman can meet changing customer needs across the village and optimise property portfolio and utilisation based on demand One in four RV unit residents receive a Ryman-delivered home care package in Australia One in six Independent residents receive housekeeping or additional services in New Zealand One in seven Serviced apartment residents opt for higher packages or residential aged care (vs ‘base’ packages) in New Zealand Madeline, William Sanders Village Introduction to Ryman For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 8,383 4,022 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Ryman (New Zealand) Summerset Metlifecare Oceania Arvida Radius Retirement village units Aged care beds or suites 15 Portfolio mix of NZ scale operators1 Largest retirement living and aged care provider in NZ Scale across the full continuum of care with capacity to flex to growing demand 1: Last reported, sourced from company filings and websites. 2: CBRE. 8.3% Retirement living penetration of 65+ population in NZ2 Introduction to Ryman For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 1,573 759 2,332 - 1,000 2,000 3,000 4,000 5,000 6,000 Keyton Aveo Levande Ryman (Australia) Opal Calvary Estia Arcare Regis Retirement village units Aged care beds or suites 16 Established platform and scale in Australia Only operator in Victoria with integrated retirement living and aged care at all locations 1: Retirement village units across key platform operators sourced from latest available company filings and websites. Aveo based on last disclosed established business property portfolio at June 2019. Levande based on last disclosed Retirement Living property portfolio at June 2021. Keyton based on last disclosed property portfolio at June 2023. 2: Aged care bed counts in VIC based on Gen Aged Care data June 2025. 3: CBRE. 5.0% Retirement living penetration of 65+ population in AU3 Portfolio mix of Victoria scale operators1,2 Introduction to Ryman For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 80+ population (millions) 17 Well positioned in a market with large demographic tailwinds 80+ population, who are most likely to seek integrated independent living and care, set to double by 2050 Source: Stats NZ and ABS national population projection. 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.8 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.3 1.4 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.3 2.4 2.4 0.0 0.5 1.0 1.5 2.0 2.5 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 New Zealand Australia Introduction to Ryman For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Scale Large, integrated portfolio across New Zealand and Victoria creates efficiency and supports a high-quality service offering to meet growing demands Integrated care model Each village offers a continuum of care designed for customer needs and the growing older population, driving lifetime value and stable occupancy Quality of the portfolio Premium locations, modern design, build quality and integrated care facilities underpin strong demand and long-term asset value One move proposition Residents move once and stay within the same community, supporting retention, predictable cash flows and customer trust Flexibility across the village Ability to transfer within the village optimises asset utilisation and enhances revenue resilience as care needs evolve Positioned for growth Continuum of care model aligned to the fastest growing segment of assisted living, supported by demographic tailwinds and increasing demand for integrated living and aged care services 18 Key messages – introduction to Ryman Unique strengths, and a portfolio that is difficult to replicate, underpin Ryman’s competitive advantage in a dynamic industry Introduction to RymanRYMAN HEALTHCARE | Investor Day 2026 For personal use only
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Refreshed strategy Naomi James, Chief Executive Officer Dawn and Julie, Northwood Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Lessons from the past Refreshed strategy builds on our strengths and addresses key learnings Attributes critical to success High-quality integrated RV and care portfolio Scale and regional diversification (New Zealand/Australia) Industry-leading resident experience ‘good enough for mum and dad’ High-quality clinical care Strong workforce engagement Industry-leading brand, high community trust Drivers of poor financial performance Weekly fees and DMF lagging behind significant growth in costs Growth in overheads outpacing village growth Rapid development growth with poor financial outcomes, leading to increased debt Lack of performance transparency and reliance on strong property price growth Lack of systems investment to match scale and business complexity Decisive action being taken to address Refreshed strategy Continued focus in refreshed strategy 20 For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Redefining how we create value Ryman has shifted from a central priority of development to a broader focus on growing high-quality recurring earnings and value-creating portfolio growth 21 • Central priority of growing build rate to drive ‘underlying profit’ and book values • Reliance on broad-based house price inflation supporting development margins and capital gains • Care and village services subsidised by capital gains • Higher contract terms in line with peers and cost escalation • Focus on optimising product mix and maximising occupancy • Care and other services positioned as meaningful contributors to recurring earnings • Portfolio optimised in response to evolving consumer preferences and future capital growth potential • Value-creating portfolio growth supported by capital allocation to markets with enduring demand • Clear capital management framework to drive financial discipline and resilience • Operating model enabled by data, process and technology 21 A focus on development To a focus on value creationFrom A focus on value creationTo Refreshed strategy For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 1 2 3 4 Be the provider of choice Grow recurring earnings Optimise existing portfolio Value-creating portfolio growth Industry leader in care-centred living, providing choice, control and community to growing 80+ population Grow recurring earnings through reset pricing, operational excellence and improved occupancy Optimise portfolio for value, allocate capital to grow returns and reduce capital intensity Disciplined capital allocation to brownfield and greenfield expansion into markets with enduring demand Refreshed strategy Enhance freedom, connection and wellbeing for people as we grow older Our purpose Our strategic pillars Deliver industry-leading customer satisfaction and grow total shareholder returns Focused on core elements critical to value creation for our shareholders and residents 22 Refreshed strategy For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Preparing Delivered Underway Preparing Multi-year transition to execute the strategy Near-term focus on growing high-quality recurring earnings and optimising the portfolio for value, to improve cash returns and provide a strong foundation for future portfolio growth 23 Reset performance • Right-size support services • Reset revenue to market • Refocus development programme • Reset balance sheet • Deliver transparent financial performance and performance cadence Optimise for value • Grow occupancy • Optimise asset utilisation and pricing • Drive village and overhead cost efficiency • Release capital • Optimise village investment for value • Build commercial and development capability Grow sustainably • Renew portfolio growth strategy across Australia and New Zealand • Modernise the value proposition • Build the operating model of the future • Deliver sustainable dividends • Shape the future workforce FY29 FY25 FY29 Refreshed strategy For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Building Ryman’s future operating model Driving customer value, productivity uplift and scalable growth across New Zealand and Australia Process redesign with AI-enabled efficiency and automation Ecosystem of partnerships meeting customer needs Aligning workforce models to funding reforms Flexible property portfolio with agile capital allocation Over 50,000 residents have put their trust in Ryman1 Integrated resident-centred continuum of care and services 1: Since 2010 when data is available. 24 Refreshed strategy For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Strategy refresh builds on our high-quality retirement living and care portfolio, industry-leading resident experience and quality of care Shift in focus from rapid-growth through development to growing high-quality recurring earnings and value-creating portfolio growth Well positioned to leverage existing scale and differentiated customer proposition in the fastest growing parts of the market (assisting living and aged care) Near-term focus on improving operational performance providing a strong foundation for future portfolio growth Key messages – refreshed strategy Strategy refresh focuses on being the provider of choice in care-centric living, growing recurring earnings, portfolio optimisation and value-creating portfolio growth 25 RYMAN HEALTHCARE | Investor Day 2026 Refreshed strategy For personal use only
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0205 The Future of Aged Care and Retirement Living Cam Ansell – Managing Director, Ansell Strategic For personal use only
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The Aged Care Puzzle Reform Economics Generational Shift Consumers Supply Health Dynamics Nurses For personal use only
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Generational Shift Source: United Nations 2024; OECD Stat 2023; ABS Population Projection 2022 – 2071; Ansell Strategic Assumption 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 2023 2028 2033 2038 2043 2048 Australian Population Aged 70+ Builders Boomers Gen X Increasing demand across Australia and New Zealand. Changing consumer profiles. For personal use only
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Consumers Image Source: Brittanica.com, Silent Generation Builder Generation Today • Modest and accepting • Less likely to challenge policies or demand reform • Relatively simple expectations of Government For personal use only
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Consumers Image Source: Brittanica.com, Baby Boomer Generation; Sixtyandme.com Tomorrow Baby Boomers • Value autonomy and flexibility • More likely to challenge policies and demand reform • Expect flexibility and personalised services For personal use only
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Source: ABS Household Income and Wealth, 201920, Statistics NZ Household Net Worth 2021 Baby Boomers and Builders account for less than a 3rd of the population aged 15 years and over Baby Boomers and Builders Proportion of Population Generation X, Y and Z Consumers Tomorrow For personal use only
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Baby Boomers and Builders Source: ABS Household Income and Wealth, 201920, Statistics NZ Household Net Worth 2021 However, the Baby Boomers and Builders share the highest proportion of wealth Share of Wealth Generation X, Y and Z Consumers Tomorrow For personal use only
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Residential Care Supply Source: Te Whatu Ora Aged Care Resident Projection Model 2025; OECD Stat 2023 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 32,000 34,000 36,000 38,000 40,000 42,000 44,000 2025/26 2026/27 2027/28 2028/29 2029/30 2030/31 2031/32 2032/33 2033/34 2034/35 2035/36 2036/37 2037/38 2038/39 2039/40 % NZ Popn. 75+ Projected NZ ARC Residents Projected Average ARC Residents Projected Average ARC Residents as a Proportion of 75+ Population • Constrained supply exacerbated by limited development activity and declining quality of stock. • Low levels of development in Australia and New Zealand will mean a lack supply to meet demand. • Australia is now at full occupancy in metropolitan areas. Average ARC Residents Projected to Decline as a Proportion of Population 75 + For personal use only
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Home Care Supply Source: Home Care Packages Program Data Report • Lack of residential care supply places pressure on home care. • Home Care waitlist continues to increase. • People awaiting assessment reaches 113,000 in addition to assessed people on waitlist. Support at Home Package Waitlist - 20,000 40,000 60,000 80,000 100,000 120,000 140,000Package Waitlist For personal use only
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Health Dynamics Source: OECD Data Explorer, various sources including Government statistics and research articles AustraliaCanada Germany Ireland Netherlands New Zealand Norway Switzerland United States England Denmark (excl. general homes for elderly) Japan Sweden 0 5 10 15 20 25 30 35 40 0 2 4 6 8 10 12 14 16 18 20 Legnth of Stay (months) % of Pop. Aged 80+ in LTC - Long Term Care • The proportion of people in long term care across Australia and New Zealand will decrease into the future • Those in residential care will have higher acuity and clinical need For personal use only
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Nurses The proportion of nurses caring for the senior population will continue to decline at a time when older people are presenting to care at higher levels of acuity, resulting in the need to pool resource in local areas to meet demand - 20 40 60 80 100 120 140 160 0 100,000 200,000 300,000 400,000 500,000 2016 2022 2026 2031 2035 Total Nursing Staff Ratio of Nurses per 1,000 people aged 70+ Source: Estimates based upon Australian Government population projections and current clinician trends including migration, graduations, attrition and retirement. For personal use only
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Financial Performance Source: StewartBrown Aged Care Financial Performance Survey Sector Reports Australian RAC Financial Performance $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000EBITDA Per Client Per Annum Reform m • Government reform (or lack thereof) is impacting provider financial performance. • More sustainable returns is needed to invest and grow the sector. $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 2009 ARCSR 2013 GT/Ansell Strategic ARCSR Update 2017 Ansell Strategic Pay Equity Analysis 2018 EY ARC Funding Model Review 2023 Ansell Strategic ARC Financial Performance Study EBITDA Per Occupied Bed Per Annum New Zealand ARC Financial Performance Source: Ansell Strategic ARC Financial Survey 2018 & 2023 For personal use only
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0 1 2 3 4 5 6 2000 2022 2040 2060 NZ AUS Source: OECD Population Projections, 2023 Economics The ratio of working aged people to retirees is declining. The estimated cost of aged care to the average taxpayer will increase significantly over the next 10 years. Older people with the means to do so, will need to contribute more to their care. 2.3 3.1 5.4 5.6 For personal use only
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Reform Royal Commission New Aged Care Act Support at Home Program User Pay Fee Higher Accommodation Payments New Means Testing Australia is well ahead on aged care reform; New Zealand only just entering the reform phase with the outcomes still unknown. Health New Zealand Aged Care Funding and Services Review Parliamentary Health Select Committee Inquiry Report and Recommendations Ministerial Advisory Group For personal use only
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Retirement Living Home Care Aged Residential Care Assisted Living Where to From Here? • A continuum of care is the future for village operators. • Ryman Healthcare is well-placed with their existing model. • Delivering a strong value proposition to the new consumers is key. For personal use only
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Future Projections 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 People Aged 65+ Independent Living Assisted Living Private Residential Aged Care Residential Aged Care We project that assisted living will experience the greatest growth in the coming years representing a key area of opportunity for aged care and retirement living providers across Australia and New Zealand.For personal use only
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Improving sales effectiveness Rick Davies, Chief Customer Officer Patrick Hogan Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Strong occupancy across mature villages High-quality villages and integrated care underpin strong occupancy across retirement living in mature villages Improving sales effectiveness 1: Occupancy for independent living and serviced apartments at 30 September 2025. Occupancy for aged care for the six months ending 30 September 2025. 2: Villages are classified as mature for independent living and serviced apartments once fully completed and all accommodation types have maintained at least 90% occupancy for two consecutive financial years. Villages are classified as mature for aged care when the care centre maintains at least 90% occupancy for a full financial year and excludes villages with operational impacts (Margaret Stoddard, Woodcote and Edmund Hillary in 1H26). 43 Occupancy1 2 94% 87% 96% 85% 57% 67% Mature Developing Independent living Serviced apartments Aged care 32 villages 17 villages 32 villages 17 villages 36 care centres 9 care centres For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 279 324 285 219 264 274 274 101 123 109 83 73 93 101 380 447 394 302 337 367 375 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Resales New sales • New sales of independent living units eased following the opening of Nellie Melba Stage 4 in the prior quarter • New sales of serviced apartments were strong across New Zealand and Australia • Resales steady overall reflecting regional mix, with relocations from Margaret Stoddart and Woodcote to other Christchurch villages contributing (5 in Q2 FY26, 32 in Q3 FY26) • FY26 guidance of 1,300–1,400 ORA sales unchanged Quarterly sales of ORAs 1 Third quarter trading update Sales momentum maintained amid mixed housing market conditions and heightened competition 1: Reported sales figures reflect retirement village units only and exclude refundable accommodation deposits (RADs) and ORAs on aged care accommodation. Q3 FY26 sales reported in third quarter trading update on 15 January 2026 (Link). Post pricing model changes 44 Improving sales effectiveness For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Mixed conditions across external property markets Victoria recovering; some regions improving throughout New Zealand; Auckland remains subdued Median house price1 House sale volumes1 - $0.2m $0.4m $0.6m $0.8m $1.0m $1.2m $1.4m Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Auckland NZ exc. Auckland Victoria (AUD) - 10k 20k 30k 40k 50k 60k 70k 80k Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24 Nov-25 Auckland NZ exc. Auckland Victoria 1: Rolling 12-month average. Source: REINZ, REIV. 45 Improving sales effectiveness For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Customer acquisition Customer value proposition Highly targeted marketing and quality lead generation Customer-aligned product positioning Proactive and timely customer engagement Optimal pricing and competitiveness including customer choice Strong team capability and performance Impactful sales incentives Optimising our sales strategy Adapting to more competitive market conditions with a multi-pronged strategy to lift sales effectiveness 46 Lifting sales effectiveness Improving sales effectiveness For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Improving conversion through sales funnel Harnessing data and insights to enhance performance at each stage of the sales funnel Customer enquiry Appointment Contract Settlement 47 • New lead volume and quality • Lead engagement activity • Village appointment booking rate • Village appointment attendance rate • Contract conversion • Conversion timeframe • Time to settlement • Cancellation rate Key metricsSales funnel Improving sales effectiveness For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Disciplined and targeted pricing Balancing market responsiveness and occupancy with value optimisation 48 Comprehensive pricing framework and rules embedded into sales process Village segmentation to optimise sales and marketing resource Regular pricing reviews across product types Flexible pricing options within sales team toolkit Localised, targeted pricing trials ongoing Pricing performance reporting and oversight Morton and Martin, Miriam Corban Village Improving sales effectiveness For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 • Turnover will increase as the portfolio matures, presenting a significant opportunity • Strategic capital investment in village amenities and facilities to underpin unit price growth and increase occupancy • Predictive insight into future turnover to enable more proactive sales strategies • Ryman already meets proposed Retirement Village Act reform changes in New Zealand, returning customer capital within 12 months Closing the gap between resales and turnover Driving resales to exceed turnover, reduce stock, and release cash 49 Resales vs turnover 0 100 200 300 400 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Resales Turnover (units vacated) 0 50 100 150 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 1: Time between signing of application form and settlement. Excludes residents who have transferred internally from other Ryman units. Post pricing model changes Resales average days to settle1 Post pricing model changes Improving sales effectiveness For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 $125 $208 Vacating residents Incoming residents Step change in DMF and weekly fees Significant value unlock from new contract terms – expect around half of portfolio rolled onto new DMF terms by FY29 +67% uplift on unit turnover in 1H26 20.7% 28.8% 1H25 1H26 Independent living unit weekly fees1 Average DMF on incoming residents3 1: New Zealand only. 2: Average weekly fee. 3: Excludes residents who have transferred internally from other Ryman units which are included within sales volumes (non-GAAP). 1H26 average of 28.8% includes 75% of incoming residents on a 30% DMF. +39% uplift vs 1H25 50 Improving sales effectiveness 2 2 For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Unit vacancy (%) Opportunity to increase utilisation of serviced apartments Vacant stock and turnover provides opportunity to optimise product offering 51 Improving sales effectiveness 6% 13% 8% 15% 43% 22% Independent units Serviced apartments All units Mature villages Developing villages For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Potential to evolve serviced apartment offering Offering greater customer choice, meeting growing demand, and driving occupancy 52 Independent living Aged careServiced apartments Predominantly 1-bedroom with fixed set of services Premium care suites High-end accommodation blending premium feel with 24/7 clinical care Ability to ‘age in place’ Apartments for assisted living and care, which evolve with the care needs of the resident Choice of assisted living services Flexible access to a wide menu of day-to-day services Early-stage pilot of options underway Options to broaden target market Improving sales effectiveness For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 592 426 317 1,335 Sept-25 Opportunity to release cash from stock Combined $800 million cash opportunity lies within new sales and paid-out resales stock Retirement village unit stock Paid-out resales stock1 with previous resident repaid $330 million New sales stock $470 million No. units Resales stock with previous resident not yet repaid $495m $305m $800m Sept-25 Serviced apartments Combined new sales stock and paid-out resales stock Independent living units Combined new sales stock and paid-out resales stock Value ($m) 1: At current pricing. Improving sales effectiveness 53 For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Broad range of initiatives to drive resales to exceed turnover, reduce vacant stock and release cash Material uplift in DMF and weekly fees as contract book turns Evolving serviced apartment offering to attract a broader customer base and accelerate occupancy Strong cash generation expected from $800 million of new stock and paid-out resale stock, supported by property market recovery and accelerated by sales effectiveness initiatives Key messages – improving sales effectiveness Reset in contract terms, optimising our value proposition, and improving sales effectiveness will increase near-term cash flow and long-term value 54 Improving sales effectivenessRYMAN HEALTHCARE | Investor Day 2026 For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Operational excellence Marsha Cadman, Chief Operating Officer Natasha and Ivon, Bert Sutcliffe Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Maintain and reinforce Opportunities to reach full potential High-quality clinical care underpinning resident trust and brand reputation Sustained high occupancy in mature villages with developing villages lifting to mature levels Industry -leading resident experience ranked #1 by residents and families Optimising for highest value use and sustainable revenue increases Skilled and engaged teams capable of delivering care and services across the continuum Focused cost discipline to deliver short-term and long-term efficiency An overview of operational excellence Building on Ryman’s differentiators to unlock full potential from the business Operational excellence Operational excellence 56 For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 94% 87% 96% 85% 57% 67% Mature Developing Strong occupancy across mature care centres High-quality portfolio and clinical care offering key to maintaining high occupancy in mature care centres and growing occupancy in developing care centres 1: Occupancy for independent living and serviced apartments at 30 September 2025. Occupancy for aged care for the 6 months ending 30 September 2025. 2: Villages are classified as mature for independent living and serviced apartments once fully completed and all accommodation types have maintained at least 90% occupancy for two consecutive financial years. Villages are classified as mature for aged care when the care centre maintains at least 90% occupancy for a full financial year and excludes villages with operational impacts (Margaret Stoddard, Woodcote and Edmund Hillary in 1H26). 57 Occupancy1 Independent living Serviced apartments Aged care 2 32 villages 17 villages 32 villages 17 villages 36 care centres 9 care centres Operational excellence For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 $13m $13m NZ AU 146 86 NZ AU • Significant revenue opportunity from 232 vacant aged care beds1 at current revenue per bed • Base revenue per bed per day1 (excluding room premiums and RADs) of NZ$257 in New Zealand and NZ$421 in Australia, with the latter reflecting relative funding settings • Capacity in developing care centres is filling well with unoccupied beds reducing by 64 4 from 30 September 2025 to 31 December 2025 58 Opportunity for increased care occupancy Achieving mature village occupancy at our developing care centres will generate $26 million recurring revenue Opportunity from filling bed capacity in developing care centres2 1: At 30 September 2025. 2: Includes six care centres which have not reached 90% occupancy for a full 12-month period and Edmund Hillary (care capacity recently reopened following releveling works completed in 1H26). 3: Revenue uplift assumes vacant beds in developing villages reach mature occupancy level of 96%. 4: Including resident relocations from Margaret Stoddart and Woodcote following the closure of care centres at these villages. 232 vacant aged care beds $26 million recurring revenue opportunity3 Operational excellence For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 $50.5 $52.2 $54.1 $57.4 $59.5 $64.4 1H24 2H24 1H25 2H25 1H26 1H26 new residents • Significant growth in 1H26 with a 10% uplift year-on-year reflecting price changes over the past two years • Meaningful growth expected over FY27–FY29 with premiums from new residents 8% above current average • 84% of current New Zealand residents paying a room premium or RAD equivalent, up 2 percentage points year-on-year • Room premiums can have equivalent economic value vs care ORAs with the added benefits of no tenure risk associated with DMF terms and greater ability to maintain high occupancy Average daily room premiums – New Zealand ($ per day 1) Care premium opportunity in New Zealand Sustainable increase in accommodation premiums supported by rising shortage of aged care capacity and underpinned by quality of offering and brand position 59 +8% Fees from new residents+10% YoY 1: Average for rooms occupied with a premium. Operational excellence For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 • Average RAD balances are up 5% year-on-year, supported by incoming resident RAD pricing of $740k, representing an additional 3% uplift on the 1H26 average • RAD growth in Australia driven by refreshed pricing framework • Strong RAD uptake (60%) demonstrates the premium positioning and quality of our Australian care portfolio • RAD retentions applied at 2% per annum for new agreements from 1 November 2025 Average RAD balances in Australia (AUD) Strong RAD growth in Australia RAD growth in Australia driven by strong demand and refreshed pricing framework 60 +3% RADs from new residents +5% YoY $654k $671k $681k $694k $718k $740k 1H24 2H24 1H25 2H25 1H26 1H26 new residents Operational excellence For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 • Genuine continuum of care, with capital following the resident making the transition to care seamless • $8.3 million 1 of capital retained since pilot launch, with post-pilot conversion rates above 15% • Increases capital penetration in aged care without tenure risk which exists with DMF products • Creates future growth optionality, with potential for care and extra services to be funded through capital Increasing flexibility in payment choices New ‘Resident fund’ product in New Zealand provides residents with choice and streamlines the move into aged care 61 Initial equity: $500k 30% DMF: $150k Remaining equity when transferring to care: $350k Equity: $350k Accommodation premium: Daily premium of $80 is discounted by $38 to incentivise the resident to keep their capital with Ryman. Discounted daily premium of $42 is debited directly from the resident’s equity. Example scenario Mrs Vance moves from her two bedroom apartment to a care room, benefiting from the continuum of care Resident fund Allows Ryman residents to use existing equity from their retirement village unit to pay for daily accommodation premium in care 1: At 22 January 2026. 2: Based on resident tenure of 24 months and assumed interest rate of 5.2%. Financial impact to Ryman2 $31k premium collected and $33k interest saving Operational excellence Aged careIndependent living or serviced apartment For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 62 Ongoing focus on cost discipline and efficiency Targeting enterprise-wide cost efficiencies across support functions, procurement, and operations 1: Target includes expensed costs within CFEO, unit refurbishment (capitalised cost within CFEO) and the capitalised component of gross non-village cost savings (capitalised cost within CFDA). FY26 guidance $50–60 million in annualised cost savings (across all functions)1 Lower cost structure in support services Centralised purchasing and procurement Village operating efficiencies • Transition from regional structure to functional structure; shift to outsourced variable-cost developer model • Further opportunity in process redesign, system investment and automation • Competitive tendering to broaden supplier partnerships and drive scale efficiency • Refreshing supply agreements to ensure competitive value and terms • Costs linked to revenue through aged care regulatory frameworks and enterprise agreements • Focus on improving gross margin on care and village fees through resource optimisation Operational excellence For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Australia – major reforms now in effect • New funding model with Government covering clinical costs; means-testing accommodation and non-clinical costs • RAD retentions applied at 2% per annum for new agreements from 1 November 2025 • Twice-yearly indexation of DAPs • New 'Support at Home’ program, targeting reducing waitlists • Implementation of Aged Care reforms in Australian business complete, well progressed in meeting new care minutes Aged care reforms Australian reforms now in effect; New Zealand review underway with recommendations due before 2026 election – New Zealand well positioned to move quickly, leveraging Australian experience 63 New Zealand – funding review underway, reform anticipated • Independent Ministerial Advisory Group formed to design sustainable funding • Learnings from Australian reforms anticipated to inform model design • Case mix approach to support care in the home and higher acuity residential care • Recommendations due before 2026 election, New Zealand Government targeting implementation in 2027 • Potential for funding changes in 2026 to help ease hospital bed pressures 2025 2026 2027 NZ: Ministerial Advisory Group recommendations due NZ: Implementation targeted NZ: General election AU: Aged Care Act 2024 in effect Operational excellence For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 15.3 30 25 0 5 10 15 20 25 30 35 1H26 reported FY29 target (range) Performance of aged care operations in 1H26 significantly below sustainable levels Combination of strategic initiatives will contribute to FY29 target: • Filling vacant capacity in developing care centres • Closure of two non-performing care centres in 1H26 • Growth in accommodation charges (room premiums, RADs and resident fund) • Efficiency gains in support services functions (reducing on-charge) • Procurement and operational efficiencies • Government funding reforms 64 Generating a sustainable margin on aged care Target to lift aged care EBITDAF per bed from ~$15k currently to $25–30k by FY29 Average EBITDAF per bed ($k per year) Operational excellence For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Janice, Nellie Melba Village Industry-leading resident experience For personal use only
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RYMAN HEALTHCARE | Investor Day 2026RYMAN HEALTHCARE | Investor Day 2026 High-quality care, resident experience and workforce engagement at the centre of our operational excellence Occupancy and reset in care accommodation pricing provides opportunity to materially improve care margin Continued cost reductions across non-village support services and procurement by FY29 Targeting significant improvement from lifting aged care EBITDAF per bed from ~$15k currently to $25 -30k by FY29 Key messages – operational excellence Focused on operational excellence to unlock the full potential of the existing business 66 Operational excellence For personal use only
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Disciplined portfolio growth Naomi James, Chief Executive Officer Bert Newton Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Pursuing the best opportunities for portfolio growth Ryman has a broad range of options to grow its portfolio in line with market demand Disciplined portfolio growth 68 Increasing complexity and risk Developing villages Portfolio of future village stages, where investment has already been made in the village and care centres, to be developed in line with market demand Brownfield Untapped opportunities to redevelop and grow around existing villages and care capacity where market demand is established and there is opportunity for higher-value use of land Greenfield Quality land bank in Australia and New Zealand for future new village developments, in markets with supportive demographics and strong outlook for future capital growth M&A Opportunistic acquisitions to leverage established scale and platform in Australia and New Zealand, where buy vs build economics support Work to date Staging uncommitted development in line with demand Identified sites with potential to support increased capacity Land bank review complete and divestments underway Monitoring corporate activity For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 • Established sites with known market demand • Significantly reduced development risk and capex profile with six 1 main buildings completed in the past two years and only three yet to be completed • Flexibility to develop subsequent stages in line with market demand, reducing capital intensity • Prerequisites for progressing uncommitted stages: − Sell down of earlier stages − Project IRR above hurdle • Expect next stages of Patrick Hogan and Northwood to be progressed in FY27 • New outsourcing model is under development for Hubert Opperman main building due to commence construction in FY27 Developing villages Uncommitted stages across land bank in developing villages to be phased in line with demand Disciplined portfolio growth Developing village land bank Developing villages Main building completion RV unit occupancy Under construction or committed Uncommitted stages Deborah Cheetham Complete 66% 7 58 Hubert Opperman Targeting FY29 61% 101 - Kevin Hickman Complete 50% - 76 Keith Park Complete 63% 64 48 Northwood Early-FY27 61% 142 32 Patrick Hogan End-FY27 70% 124 95 Total 438 309 691: Includes three completed main buildings shown in table and Miriam Corban, James Wattie and Bert Newton. For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 • Leverage established care and village infrastructure with capacity to support additional residents • Target villages with proven market demand and property values which support redevelopment or with high capital growth potential • Prioritise opportunities based on IRR, surrounding competition and alignment with long-term asset planning • Align investment criteria with capital management framework Brownfield development Opportunities within the existing portfolio to deliver better risk-adjusted returns 70 30% care residents transfer from within villages, with capacity for higher internal transfers 26 villages with strong independent living occupancy and waitlists 14 villages with median house prices >$1.0 million Disciplined portfolio growth For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 71 Grace Joel – potential redevelopment opportunity Unique location with proven demand, capacity to leverage existing community and care facilities and higher-value use of land Existing village and market Location St Heliers, Auckland ~8 km from Auckland CBD Product mix 74 independent living units, 65 serviced apartments, 101 care beds Demand Proven demand with average independent living occupancy over 90% in the last 5 years Property Values Strong property values in area with median house price of $1.7 million Potential opportunity Land 6,355 m² land owned adjacent to existing village, occupied by a medical centre Potential product mix 96 additional independent living units that maximise panoramic views and provide enhanced amenity Timing Subject to planning approvals, tenant arrangements and surrounding competition Indicative cost estimate $120–$160 million Disciplined portfolio growth For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 • Land bank review based on revised feasibility framework, including: − Demographics and house prices to support Ryman’s target market in catchments with enduring demand − Level of surrounding competition − Future capital growth potential − Desktop feasibility demonstrating supportive project IRR • Village design elements are under review, including product mix, unit layout and main building form • Australia more attractive currently, with lower RV penetration and aged care reforms complete • Continuing work throughout FY27 to prioritise greenfield opportunities • Opportunity to upgrade land bank over time Greenfield land bank review complete Six high quality sites retained for potential future development Retained greenfield opportunities Site Land parcel (ha) Potential units and beds (#) Essendon 1.5 272 Coburg North 2.6 481 Ringwood East 2.2 396 Karaka 9.9 334 Takapuna 0.7 134 Taupō 9.9 323 Total 26.8 1,940 72 $194 million book value 27 hectares total greenfield land bank 60% land bank weighting to Australia1 1: By unit and bed count. Disciplined portfolio growth For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Releasing capital for future growth Targeting at least $200 million in proceeds from land bank divestments; $110 million contracted to date Contracted sales releasing $110 million Mt Eliza Nellie Melba excess land Karori Park Terrace Further opportunities for cash release Kealba Kohimarama Rolleston Hornby1 Riccarton1 731: Land located at Woodcote and Margaret Stoddart Retirement Villages (potential future redevelopment/sale). Disciplined portfolio growth For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 74 Essendon – potential greenfield opportunity Central location with low competition, supportive house pricing and strong demand Market Location Strong transport connectivity and proximity to Melbourne CBD, retail hubs and healthcare services Property values High median house price of A$1.65 million Competition Limited retirement supply and strong Ryman brand recognition in catchment Potential opportunity Land 29,444m² land adjacent to Essendon Terrace1, currently vacant and permitted for aged care and retirement living Potential product mix 162 independent living units, 50 serviced apartments, 60 care beds Timing Subject to planning approvals, staged delivery and competition Indicative cost estimate $350–$450 million Disciplined portfolio growth 1: Essendon Terrace is a retirement village owned by Ryman Healthcare. For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Optionality across the portfolio for growth Over 2,500 units/beds in uncommitted developments, with flexibility to build in line with demand 1: Includes Grace Joel, Jean Sandel and Murray Halberg. 75 Uncommitted stages at developing villages Mature village land bank1 Retained greenfield opportunities Proven demand and village infrastructure Supportive demographics and capital growth potential 309 units/beds 271 units/beds 1,940 units/beds Total land bank 2,520 units/beds Disciplined portfolio growth For personal use only
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RYMAN HEALTHCARE | Investor Day 2026RYMAN HEALTHCARE | Investor Day 2026 Ryman land bank provides significant optionality for portfolio growth with 2,500 units/beds in uncommitted development Market demand and care capacity to support higher -return additional brownfield expansion in more than half of Ryman's existing villages Six land bank sites retained, with Australia currently more attractive for greenfield investment and New Zealand more prospec tive for brownfield expansion Target to release at least $200 million from land sales following completion of land bank review; $110 million contracted to date Following portfolio and land bank review, focus on prioritising development opportunities will continue, led by new Chief Development and Property Officer Key messages – disciplined portfolio growth Significant portfolio optionality for development growth with reduced capital intensity 76 Disciplined portfolio growth For personal use only
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Refreshed capital management Matt Prior, Chief Financial Officer Deborah Cheetham Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Retirement living Aged care Recurring earnings from daily and weekly fees, less operating costs • Base weekly fees for accommodation • Additional services (e.g. home care and fine dining) • Base daily fees for clinical / services • Daily charges for accommodation − DAP (Australia) − Room premium (New Zealand) Deferred management fees (DMF), less cost to maintain asset base • DMF payable on exit for independent living / serviced apartment accommodation • Care ORAs with DMF (minor in portfolio) • RAD retentions (Australia), similar to DMF Recurring earnings resilient to economic cycles Balance sheet leverage to capital gains • Capital sum paid up front for retirement living through property ORA • RADs • Resident Fund (New Zealand only) • Care ORAs (New Zealand only) Portfolio optimisation to maximise capital gains Recap on how Ryman generates a return Recurring earnings and capital gains underpin shareholder returns 78 Refreshed capital management For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Free cash flow Pre-interest cash flow from existing operations (CFEO) per share Use/distribution Debt servicing (20–30% gearing) Dividend payout (20–50% of CFEO per share) Enhance / grow asset base (above hurdle) Funding sources Bond Bank Resident Equity Capital allocated Retirement living Target: Cash yield on NTA1 (5%+ yield) Aged care Target: Operating EBITDAF per bed ($25–30k) Development Target: NPV positive with project IRR above hurdle Pre-interest cash flow from development activities (CFDA) per share New capital management framework Prudent, resilient capital settings with a lower gearing range that reflects leverage from resident funding and a cash-based dividend 791: Total CFEO pre interest, excluding aged care segment cash flow and unallocated non-village (support services) costs. Refreshed capital management For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 710 507 578 444 150 524 246 75 798 353 51 1,322 599 126 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Prior debt facilities Retail bond Bank debt (NZ) Bank debt (AU) 1: Proforma at 30 September 2025 including impact from refinancing which occurred on 24 November 2025. 2: Rolling 12-month adjusted EBITDA to interest (excluding interest on development debt) tested on 31 March and 30 September, commencing 30 September 2026. Adjusted EBITDA is defined as reported net profit after tax, adjusted by excluding income tax, interest income, finance costs, depreciation, amortisation, impairment losses, fair value movements, deferred management fees, and one-off revenue and expenses, and including non-GAAP items: cash deferred management fees collected, and gross resale gains on occupation right agreements. ICR covenant excludes interest on designated development debt which is based on forecast net cash proceeds for committed developments and the cost of New Zealand care centres under development or opened in the past 24 months. Development debt for new projects is included once lenders approve the Company’s feasibility and substantive steps towards the development have commenced. $535+ million Debt headroom1 5.7% Average cost of funds1 1.5x ICR covenant2 (adjusted EBITDA to adjusted interest) Debt facility maturity profile1 ($m) Balance sheet reset complete Resilient and flexible balance sheet with lower cost debt, capacity for growth and long debt tenor 80 Refreshed capital management For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Occupancy Care margin Village margin Procurement Overheads DMF Total Focused on operating cash flow improvement Targeting $150 million in sustainable CFEO improvement by FY29 through growing occupancy, reset pricing, and cost efficiencies Refreshed capital management 81 1: Compared to FY25. Occupancy, care margin and village margin reflect net revenue and cost movement, including inflation. Procurement and overheads reflect gross cost savings with underlying cost escalation reflected in care margin and village margin categories. DMF reflects cash revenue growth. $150m Improvement across identified CFEO categories One-off costs of $5–10m per annum to achieve targeted improvements Targeted CFEO improvement across identified categories1 Village and care occupancy Premiums, RAD retentions, funding, operating efficiencies Uplift in weekly fees and operating efficiencies Centralised procurement and purchasing Non-village cost savings Total growth in DMF For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Multiple levers to unlock cash release Targeting $500 million cash release by FY291 from new stock, paid-out resale stock and land sales 1: Combined CFDA over FY26 to FY29 (four years), excluding any capex or cash receipts from new projects (uncommitted stages, greenfield or brownfield), land acquisitions or M&A activity, plus cash release from paid-out resales stock (from CFEO). Cash release opportunities $470 million New sales stock $330 million Paid-out resales stock $200 million Land sales Cash release target by FY29 $500 million 82 Refreshed capital management For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 25% - 30% 20% - 25% 20% - 30% 0% 5% 10% 15% 20% 25% 30% 35% Short term (FY26-FY27) Medium term (FY28-FY29) Long term (FY30+) Indicative gearing1 83 Near-term deleveraging from cash release Reduced vacant stock and payouts and land bank divestments expected to drive deleveraging and build capacity for growth or return cash to shareholders 1: Net interest-bearing debt / (Net interest-bearing debt + equity), pre IFRS-16. Optionality for investment and/or capital returnProgressive de-gearing through $500 million cash release target Refreshed capital management For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 12.1 4.1 6.1 1.7 0.2 Assets Equity Resident funding Interest-bearing debt Other liabilities NTA per share $4.06 $12.1 billion Total asset value – potential for leveraged return profile (vs equity) $4.1 billion Equity / comparable to NTA $8.0 billion Liabilities1 primarily representing resident funding 84 Balance sheet ($b) Equity holders strongly leveraged to value movements Optimising our $12 billion asset base for capital gains offers significant upside to equity holders 1: Includes resident funding, interest-bearing debt and other liabilities. 2: Includes ORAs, RADs and revenue received in advance. 2 Refreshed capital management For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Dividend payout backed by operating cash flow Cash flow from existing operations (CFEO) reflects recurring cash flows which can be distributed or reinvested in the business 1: Ryman has substantial carry forward tax losses where it is unlikely to be in a tax payable situation in the foreseeable future (dividends will not be imputed). Recurring cash flows Village operations Resale of ORAs Non-village costs Interest and tax • Care and village fees • DMF collected • Village Opex • Village Capex • Net receipts from resales • Unit refurbishments • Direct selling expenses • Non-village Opex • Non-village Capex • Office leases • Net interest paid (excluding development) • Cash tax (as applicable)1 Sustainable cash flow Cash flow from existing operations (CFEO) per share Sustainable Dividends 20–50% payout of CFEO per share 85 • Subject to operating performance and Board approval • Potential to distribute surplus capital released via buy-back • Expected to recommence from FY28 Refreshed capital management For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Capital allocation to grow total shareholder returns Capital management framework provides for both sustainable dividends and optionality for debt reduction, reinvestment or portfolio growth Value-creating growth per share Earnings, cash flow, TSR performance Disciplined capital allocation and execution Prudent use of leverage to enhance operating returns CFEO (above debt servicing) Distribute minimum dividend (20% CFEO) 86 Reinvestment – core value enhancements Development – greenfield and brownfield Reduce debt – 20–30% gearing Larger distribution – dividend up to 50% CFEO or share buyback Acquisitive portfolio growth Optionality within capital management framework Refreshed capital management For personal use only
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RYMAN HEALTHCARE | Investor Day 2026RYMAN HEALTHCARE | Investor Day 2026 Balance sheet reset complete with lowest in industry gearing, reduced cost of capital and flexible funding capacity for growt h Targeting $150 million in sustainable CFEO improvement by FY29 through growing occupancy, reset pricing, and cost efficiencie s Near-term focus on releasing excess capital, growing recurring earnings, reducing gearing, and creating optionality in funding h eadroom Targeting return to sustainable dividends from FY28 with a payout policy of 20 –50% of CFEO, underpinned by cash returns Key messages – refreshed capital management Clear capital management framework and reset balance sheet to underpin return to dividends and growth in shareholder returns 87 Refreshed capital management For personal use only
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Wrap up Naomi James, Chief Executive Officer Priya and Margaret, Bruce McLaren Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 1 2 3 4 Be the provider of choice Grow recurring earnings Optimise existing portfolio Value-creating portfolio growth • Maintain and improve customer and team NPS • Streamline customer journey • Expand Resident Fund product and care payment choices • Actively support New Zealand care funding reforms • Grow occupancy in developing villages • Optimise care capacity for pricing, mix and margins • Evolve serviced apartment offering to attract a broader customer base • Improve operating efficiency to reduce cost per unit/bed • Grow resales to exceed turnover and reduce vacant stock • Prioritise value-driven decisions for village capex, system investment and marketing spend • $200+ million target for land bank divestments • Release cash from new sales stock • Progress developing village stages in line with demand • Establish outsourced delivery model • Prioritise best brownfield and greenfield growth opportunities Refreshed strategy – focus in FY27 89 Wrap up For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 1. Strategy refresh focuses on growing recurring earnings, portfolio optimisation and value-creating portfolio growth 2. Ryman is uniquely positioned for significant growth in demand with flexible capacity to provide care and assisted living 3. Targeting $150 million in sustainable cash flow improvement by FY291 through growing occupancy, reset pricing, and cost efficiencies 4. Strong cash generation expected from targeted $500 million cash release by FY291, with significant opportunity sitting within $800 million of new and paid-out resale stock, and at least $200 million from land sales 5. Significant optionality within portfolio growth, including over 2,500 units/beds in uncommitted developments and market demand and care capacity to support higher-return brownfield expansion 6. Clear capital management framework and reset balance sheet to underpin return to dividends in FY28 and growth in shareholder returns Key takeaways from today A clear plan to deliver value for shareholders and residents 901: Compared to FY25. Wrap upRYMAN HEALTHCARE | Investor Day 2026 For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Board perspective Dean Hamilton, Chair Maria and Alfred, Miriam Corban Village For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Board of Directors New independent Board 92 Dean Hamilton CHAIR Joined: June 2023 James Miller INDEPENDENT DIRECTOR Joined: June 2023 Kate Munnings INDEPENDENT DIRECTOR Joined: November 2023 David Pitman INDEPENDENT DIRECTOR Joined: May 2024 Scott Pritchard INDEPENDENT DIRECTOR Joined: November 2024 Additional director with customer and technology experience to be appointed in next 12 months Paula Jeffs INDEPENDENT DIRECTOR Joined: November 2019 Board perspectives For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Board areas of focus reflecting strategic priorities Shift from short-term tactical priorities to long-term strategic oversight building value for stakeholders 93 1. Maintain industry-leading customer satisfaction and brand reputation 2. Generate sustainable returns on existing capital deployed 3. Disciplined approach to future expansion in markets with enduring demand 4. Prudent capital management with capacity to invest and grow 5. Grow total shareholder returns with aligned management incentives Board perspectives For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 94 Glossary Term Definition AU Australia Brownfield land Unused or underutilised land inside an existing village that is capable of being developed Capex (non-GAAP) Capital expenditure (capex) refers to capital expenditure to acquire, upgrade, maintain property, plant and equipment, investment property and intangible assets Care bed Rest home, hospital and dementia level care Care capital Advances received from residents for rest home, hospital and dementia level care rooms or care suites including RADs or ORAs (with the latter having a DMF charge) Cash flow from development activity (non-GAAP) Cash flow from development activity (CFDA) includes resident receipts from new sales of occupation rights, the net increase in refundable accommodation deposits on aged care beds, net development capex, cash flow related to purchase and sale of land bank sites, land bank expenses, notional interest on new stock and land bank, and marketing expenses allocated to new sales Cash flow from existing operations (non-GAAP) Cash flow from existing operations (CFEO) includes operating villages, shared services functions and expensed interest (adjusted for notional interest attributed to CFDA), demonstrating net cash flow to equity holders on existing business operations, excluding cash flows relating to development of new villages Continuum of care Co-location of independent living units, serviced apartments and aged care beds within the same village, alongside a broad range of aged-related healthcare and support services, including home care in some villages DMF Deferred management fee Operating EBITDAF (non-GAAP) Earnings before interest, tax, depreciation, amortisation and fair value movements, excluding non-operating items Free cash flow (non-GAAP) Free cash flow combines cash flow from existing operations (CFEO) and cash flow from development activity (CFDA), reflecting all operating and development cash flows FY Financial year ended 31 March Gearing (non-GAAP) Net interest-bearing debt / (Net interest-bearing debt + equity), pre IFRS-16 Greenfield land Previously undeveloped sites Gross Resale Margin The difference between the previous purchase price of an ORA and its new purchase price divided by the new purchase price. Excludes resident incentives, selling costs, suspended contributions and unit refurbishment costs ICR Interest coverage ratio ILU Independent living unit Main building Main buildings contain care rooms and suites, serviced apartments and a range of village amenities such as a café, library, cinema, pool, gym etc. Some main buildings also contain independent apartments Net interest-bearing debt Interest-bearing debt loans and borrowings less cash and cash equivalents. Excludes lease liabilities Non-GAAP This is a non-GAAP measure which does not have a standardised meaning prescribed by GAAP (Generally Accepted Accounting Practice). This non-GAAP measure has been presented to assist investors in understanding Ryman's performance. It may not be comparable to similar financial information presented by other entities For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Term Definition NTA Net tangible assets. Calculated as total assets less intangible assets and deferred tax assets, and less total liabilities NZ New Zealand ORA An occupation right agreement within the meaning of the Retirement Villages Act 2003 (for Villages in New Zealand) or a residence and management contract within the meaning of the Retirement Villages Act 1986 (Vic) (for Villages in Australia) Payout balance Gross amounts (inclusive of DMF) paid-out on existing RV units for vacating residents or internal transfers where the unit has not been settled under a new ORA RAD Refundable accommodation deposit Resales The sale of an ORA on an existing unit when a resident departs a unit Resident A person who is resident in a Ryman Village in an ILU, SA or care bed Resident fund Product tailored for Ryman residents moving from ILU or SA to aged care that enables the transfer of some or all equity to reduce room premium. Only available in New Zealand RV Retirement village. A retirement village unit includes ILUs and SAs, excludes care beds SA Serviced apartment. Total capex Net investing cash flows per the consolidated statement of cash flows. This includes purchases of investment properties, property, plant and equipment, land, intangible assets, capitalised interest paid, excluding proceeds from land or asset sales Unit Any independent living unit or serviced apartment that can be occupied Village Any retirement village owned by Ryman (or its subsidiaries) that: • in New Zealand is registered as a retirement village under the Retirement Villages Act 2003; or • in Australia is registered as a retirement village under The Retirement Villages Act 1986 (Vic). 95 Glossary For personal use only
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RYMAN HEALTHCARE | Investor Day 2026 Disclaimer The information in this presentation has been prepared by Ryman Healthcare Limited and includes general background informatio n about Ryman’s activities. This information is given in summary form and does not purport to be complete. Information in this presentation has been prepared by Ryman with due care and attention. However, neither Ryman nor any of it s directors, employees, nor any other person gives any warranties or representations (express or implied) as to the accuracy or completene ss of this information. To the maximum extent permitted by law, none of Ryman, its directors, employees, or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it. This presentation may include forward-looking statements based on Ryman’s current expectations, estimates, and assumptions. Thes e statements are subject to inherent risks and uncertainties, and actual results may differ materially from those projected. No representation is made that any forward-looking statements will be achieved or will prove to be correct. Ryman assumes no obligation to update suc h statements, subject to disclosure obligations under the applicable law and NZX listing rules. The information in this presentation is of a general nature and does not constitute guidance, financial product advice, inves tment advice or any recommendation. The presentation does not constitute an offer or an invitation, solicitation or recommendation to acqu ire or sell Ryman shares or any other financial products in any jurisdiction and may not be relied upon in connection with the purchase o r sale of any security. The images featured in this presentation are of Ryman residents, team members and villages. 96 For personal use only